South Africa’s millionaire investment bosses

 ·13 Jun 2024

Asset managers in South Africa manage trillions of rand, and the CEOs of these companies are paid millions to manage pensions, investments, and insurance products.

According to the Association for Savings and Investment South Africa (ASISA), the local Collective Investment Schemes industry ended 2023 with R3.5 trillion in assets under management, a new record for the industry – an 11% increase from the prior year.

Sunette Mulder from ASISA said the growth was due to the market performance and net inflows of R110 billion in 2023, as local asset managers saw net outflows of R2 billion when reinvested dividends were excluded.

According to Alexander Forbes’ latest Survey of Retirement Fund Investment Managers, Ninety One remained the largest private asset manager in South Africa, followed by Stanlib and Coronation.

With asset managers managing trillions, we’ve decided to compare the pay of their CEOs.

It should be noted that these figures come from the latest integrated reports from JSE-listed companies, but companies may have different periods for their financial years. For instance, PSG’s financial year-end was 29 February 2024, while Coronation’s was 30 September 2023.

Overall, PSG Financial Services CEO Francois Gouws had the largest single-figure remuneration package, coming out to R66,146,000.

Ninety One CEO Hendrik du Toit follows Gouws, earning £2,584,000 (R61,000,000).

Despite not being the group CEOs of their respective companies, Khaya Gobodo, the MD of Old Mutual Investments and Carl Roothman, CEO of Sanlam Investment Management, received pay packages of R21 million and R16.1 million, respectively.

The remuneration of the executives can be found below:

Francois Gouws PSG Financial Services CEOR66 146 000
Hendrik du ToitNinety One CEO£2 584 000
(R61 000 000)
Dawie de VilliersAlexforbes CEOR36 349 000
Iain WilliamsonOld Mutual CEOR32.3 million
Khaya GobodoOld Mutual Investments MDR21 000 000
Anton PillayCoronation CEOR17 736 000
Carl RoothmanSanlam Investment Management CEOR16 183 000
Paul Hanratty Sanlam CEOR6 130 000
PSG Financial Services CEO Francois Gouws 

The remuneration packages of several investment-leading executives in South Africa are not public knowledge.

However, some of these investment companies are controlled by larger-listed entities.

For instance, South Africa’s second-largest asset manager, Stanlib, is owned by Standard Bank, whose CEO, Sim Tshabalala, earned R83 million last year.

The pay for CEOs of listed companies that have an investment wing, where the executive in charge of investment’s pay is not available, can be found below:

CEOCompany Pay
Mike Brown*Nedbank (Nedgroup Investments)R92 500 000
Sim TshabalalaStandard Bank (Stanlib)R83 304 000
Hillie Meyer*Momentum R32 797 000
A Pullinger*FirstRand (Ashburton)R31 546 000
*Have Since Departed the Group

Read: The big moneymaker in South Africa – with Capitec joining the trend

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